Steel production in many countries, including China, will decline from current levels

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- India's steel demand estimated at 19 crore tonnes in 2030: Steelmint India

Ahmedabad: India's steel demand is expected to reach 190 million tonnes by 2030 at a compound growth rate of 7 percent. According to a report by Richer's firm Steelmint India, demand will be largely driven by the construction and infrastructure sectors, which contribute 60-65 percent of the total demand. Based on 7 percent CAGR, India's steel demand is estimated to reach 190 million tonnes in 2030.

The report, titled India's Steel and Coking Coal Demand 2030, states that the total demand could reach 230 million tonnes by 2030 under the best scenario. Demand will also increase through sectors like auto and engineering. Population growth, increasing urbanization, several government initiatives etc. will be the main factors for increasing demand.

According to the report, the demand is expected to reach 12 crore tonnes by the end of 2023 and production will reach 13.6 crore tonnes. India's crude steel production is expected to reach 21 million tonnes by 2030, a 45 percent increase over 2023 production levels. The report said that steel production in many countries, including China, will decline compared to its current production levels.

In the near future, India will emerge as the largest importer of marine coal with a market share of 30 percent. The country will need about 350 million tons of iron ore by 2030.

The year 2030 is important for the domestic steel industry as the government has set an ambitious target of increasing India's installed steel production capacity to 300 million tonnes.

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